366

Golden fiadollaryellow recovers a significant portion of daily decline. Investors will watch US data and FOMC meeting for next week. Gold prices yellow do not have the strength to make any decisive moves on Monday. Fiyadollarsar opened bullish but failed to maintain momentum and continues to face pressure near $1,780. The US Treasury lost more than 3% after disappointing US consumer sentiment. It brought income at the level of 25. Details Cryptocoin. com

at .

Gold prospects

The University of Michigan’s Consumer Sentiment index fell to 70.2 in August, much lower than the market’s forecast of an increase of 81.2. The US Dollar Index (DXY) rebounded after initial losses amid geopolitical tensions and growing concerns over Delta variant cases in the Asia-Pacific region. Disappointing Chinese data put pressure on declining demand concerns. Higher global equity markets and lack of ETF investor buying also weighed on gold.

XAU/USD is trading at $1,779.16 and is flat after Friday’s price action. Gold benefited from the decline in the US dollar on Friday after slumping US consumer confidence, which boosted demand for the safe-haven metal. The survey showed that U.S. consumer sentiment dropped sharply in early August to a decade low. The drop was one of the survey’s six largest declines in the past 50 years and underscores a broader concern for k growth as virus cases worldwide increase. TD Securities analisdollarseri says:

In a textbook retracement, gold fiadollar yellow is heading towards the trendline that defines the bull market that sparks an epic but short-lived capitulation. Speculative pressures have been mounting under it for a while as tapering talk slowing commodity purchases is fueling anxiety for gold lovers alongside resolutely hawk talk.

Meanwhile, ahead of the Jackson Hole meeting on Aug. 26, analystsdollarser will look to US data for guidance. Immediately, the market expects the August New York Fed Empire State index to retrace from 43.0 to 28.5. However, larger calendar events will come on the 17th at US Retail Sales and the 18th at the FOMC meeting. TD Securities analisdollarseries drew attention to the minutes, views expressed on QE reduction, how and when. In his press conference, the president stated that most officials prefer to contract the Treasury and MBS together, rather than just starting with MBS. He said the decision to reduce would require discussion at upcoming “meetings”, consistent with November at the earliest.

DXY technical analysis of gold

Gold prices were mostly driven by the performance of the US dollar. In previous analysis, the US dollar seemed to be making fun of investors. Before the Golden Cross, Jackson Hole, some decline in the strength of the dollar was predicted:

However, the corruption was immediate:

92. Above 351 there is currently an uptrend which will be a headwind for gold price going forward.

Gold rises with an average retracement level of 50%. Your drop is 61%. The Fibo 8 has also been broken and the bulls are now 78% at 1.798. Looking at 6 Fibo. Before then, 1.790 comes in as the next default resistance as the previous low on July 23. The 4 hourollarsik 10 EMA appears to have a confluence with the August 6 structure around 1.758/60 which is expected to act as support in the first trials.


Like it? Share with your friends!

366
Michael Lewis

0 Comments

Your email address will not be published. Required fields are marked *